Comp sales rose 8.8%, and 32.3% for e-commerce

ISSAQUAH, Wash. — Costco Wholesale Corp. on Thursday reported that its net sales in the first quarter of fiscal 2019 were $34.31 billion, an increase of 10.3% over the same period last year. Comp sales for the company as a whole increased 8.8%, and rose 32.3% for the company’s e-commerce business.

Comp sales for the 12 week period ended November 25 were up 11% for the U.S. business, excluding impacts from changes in gasoline prices, currency exchange rates and the impact of a previously disclosed accounting charge. (The adjusted comp store 8.3%.) Unadjusted comp sales were up 2.4% in Canada and 4% in other international markets.

Net income for the quarter was $767 million, or $1.73 per diluted share, compared to $640 million, or $1.45 per diluted share, last year. This year’s first quarter benefited from a $59 million tax benefit related to stock-based compensation and a $27 million tax benefit related to implementation of the 2017 Tax Act. The quarter also included a $43 million charge related to credit card rewards program. Last year’s first quarter benefited from a $41 million ($0.09 per diluted share) tax benefit related to stock-based compensation, the company said.

Costco finished the quarter with 768 clubs, including 533 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 28 in the United Kingdom, 26 in Japan, 15 in Korea, 13 in Taiwan, 10 in Australia, two in Spain, one in Iceland, and one in France. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, and Taiwan.